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and beliefs but reverses the order of causality. We use existing evidence from a multi-stage experiment in which we first …
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The paper presents a complete information model of bidding in second price sealed-bid and ascending-bid (English) auctions, in which potential buyers know the unit valuation of other bidders and may spitefully prefer that their rivals earn a lower surplus. Bidders with spiteful preferences...
Persistent link: https://www.econbiz.de/10009752417
We conduct an artefactual field experiment to compare the individual preferences and propensity to cooperate of three …
Persistent link: https://www.econbiz.de/10011316662
Is the willingness to make trades influenced by how the total gains from trade are split between the trading partners? We present results from a bilateral trade game (n = 128) where all participants were price-takers and trading pairs faced one of three exogenously imposed trading prices. The...
Persistent link: https://www.econbiz.de/10012168600
Institutions may rely on fundamental principles, e.g., of legal philosophy, but may also have evolved according to institutional fitness, as gauged by a society's well-being. In our stylized framework where two fundamental principles, equality and efficiency, conflict with each other, one of the...
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and the other on predicting the choices of the second mover. The competitions are based on an estimation experiment and a … competition experiment. The two experiments use the same methods and subject pool, and examine games randomly selected from the … same distribution. The current introductory paper presents the results of the estimation experiment, and clarifies the …
Persistent link: https://www.econbiz.de/10009752422